Company announces implementation of Kingdee enterprise accounting system across its US & China-based operations
TUSTIN, Calif., Jan. 29 /PRNewswire-FirstCall/ -- AMDL, Inc. (NYSE Alternext US: ADL), a vertically integrated pharmaceutical company with operations in China and the US, announced today it is implementing a state-of-the-art, westernized enterprise accounting system across its US and China-based operations.
Developed by China-based Kingdee International Software, the new accounting system runs on a high-speed, point-to-point dedicated server system to completely streamline end-to-end accounting practices, financial reporting, taxation, corporate governance and controls to deliver real-time financials. The accounting system has already been implemented in AMDL's US-based headquarters and implementation across the Company's China-based pharmaceutical operations underway.
Over the past four years AMDL has seen over 100% year-over-year growth and anticipates continuing this trend for fiscal year 2009 where it is once again forecasting at least 100% sales growth. Management's decision to implement the new Kingdee accounting system is an instrumental part of the Company's plan to increase financial transparency, manage and run all operations on a real time basis, based on best business practices and standards.
According to AMDL's Chairman and CEO, Mr. Douglas MacLellan, "This implementation represents Kingdee's first US technology deployment, making AMDL the only China-based, US publicly-traded Company to operationalize an accounting system that meets the demanding and rigorous requirements of US GAAP-certified accounting standards. We took a very cost-effective and diligent approach in choosing Kingdee and we believe the system gives AMDL internal controls financially and operationally over our Chinese company publicly listed on a US exchange."
With more than 26 years experience in Chinese business management and 12 years experience specifically in the China pharmaceutical industry, Mr. MacLellan also commented, "With China's health care spending projected to grow at 11% through 2012 and a $586 billion stimulus package focused on bringing universal healthcare to its 1.3 billion citizens, AMDL is in a tremendous position for exceptional growth and its absolutely imperative AMDL is operationally prepared to account for that growth. Implementing a state-of-the art system like Kingdee is an instrumental part of our operational plan and provides a critical layer of control and reporting confidence to the Company, our partners, customers and valued shareholders."
According to James Shen, publisher of Healthcare Journal Pharma China, "China's pharmaceutical sector has shown double-digit annual growth for the past two decades, with 2007 growth coming in at nearly 20%". (2008 figures have not yet been released.) Omair Azam, marketing forecasting manager at Synovate Healthcare in Beijing, projects that the Chinese market will continue to show a growth rate of 12-15% per annum for the next five years; by contrast, growth in Europe and the US is expected to hover around the 2-5% mark.
Mr. MacLellan continued, "Despite China's slightly toned down 6-7% GDP growth rate for FY2009, this market is far from approaching a recession. China's industry earnings growth is expected to outperform the US next year, making China-based companies a strong buy -- particularly as investors look to put cash reserves back to work in the equities markets. These sentiments were corroborated by Mr. Neil Shen, industry pundit and managing partner of Sequioa Capital China, where he has recently indicated China is where continued gross domestic product expansion and steady consumer spending will help to sustain profits and China's GDP gains."
In addition to the Kingdee system, AMDL has taken additional steps to operationalize other best business practices and standards across its US and China-based operations. Today's announcement on the implementation of GAAP-certified accounting system is just one in a thorough list of operational excellence protocols the Company is enforcing. Others include:
Headquartered in Tustin, CA with operations in Shenzhen, Jiangxi, and Jilin, China, AMDL, Inc., along with its subsidiary Jade Pharmaceutical Inc. (JPI), is a vertically integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, pharmaceutical, nutritional supplement, and cosmetic products. The company employs over 490 people in the U.S. and China.
Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to AMDL Inc., except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
AMDL Contact: Kristine Szarkowitz Director-Investor Relations firstname.lastname@example.org (Tel :) 206. 310.5323
|SOURCE AMDL, Inc.|
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